Financial Services
Revolution Leasing & Administration LLCFind BBB Accredited Businesses in Financial Services.
Information and Alerts
Alert Details
This business has 1 alert.
Government Action: BBB reports on known government actions involving business’ marketplace conduct:
SEC Charges New Jersey-Based Distributor of Sale Leaseback Program with Fraud
The following describes a pending government action that has been formally brought by a government agency but has not yet been resolved. We are providing a summary of the governments allegations, which have not yet been proven.
On September 20, 2024, the Securities and Exchange Commission charged Anthony Lotito and his entity, Revolution Leasing & Administration LLC , for the fraudulent offer and sale of unregistered securities, and for misappropriating money from investors. The complaint also charges Lotito with acting as unregistered broker in connection with the sales of these securities.
The SEC’s complaint alleges that through his entitiy Lotito raised more than $2 million from retail investors, many of whom were elderly and some of whom invested through their individual retirement accounts. According to the complaint, the defendant sold interests in a sale leaseback program known as the Apex Program and made material misrepresentations and omissions about the program, including its operating status and the amount of lease payments that investors would receive, even after they became aware that the program had stopped accepting new investments. The complaint further alleges that Lotito misappropriated investor funds to pay for personal expenses. According to the complaint, interests in the program were not registered with the Commission.
The SEC seeks permanent and conduct-based injunctions, disgorgement of ill-gotten gains plus prejudgment interest, and civil money penalties against the defendant, as well as officer and director bars against Lotito.
BBB Business Profiles may not be reproduced for sales or promotional purposes.
BBB Business Profiles are provided solely to assist you in exercising your own best judgment. BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. However, BBB does not verify the accuracy of information provided by third parties, and does not guarantee the accuracy of any information in Business Profiles.
When considering complaint information, please take into account the company's size and volume of transactions, and understand that the nature of complaints and a firm's responses to them are often more important than the number of complaints.
BBB Business Profiles generally cover a three-year reporting period. BBB Business Profiles are subject to change at any time. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile.
As a matter of policy, BBB does not endorse any product, service or business. Businesses are under no obligation to seek BBB accreditation, and some businesses are not accredited because they have not sought BBB accreditation. BBB charges a fee for BBB Accreditation. This fee supports BBB's efforts to fulfill its mission of advancing marketplace trust.